A novated lease presents a way to finance your new car while offering various potential benefits, including cost savings. This arrangement involves your employer leasing a car on your behalf, forming a three-way agreement between the employer, employee, and a financier. The novated lease can have a duration ranging from one to five years.

With a novated lease, you are not restricted to a particular car type, model, or make, unless specified by your employer. In most cases, you have the freedom to choose the car you want to lease, whether it’s a new, used, or even your existing vehicle.